Great Falls, Montana Housing Market

How much can you negotiate in Great Falls?

Only 82 out of every 100 homes for sale have found a buyer. The other 18 are still waiting. Your offer may be the only one on the table. Few sellers are dropping their price. Asking prices are holding firm. Your discount will come from one stale listing, not from the whole market.

A typical Great Falls home takes 46 days to find a buyer. Half of them take even longer. That is 14% slower than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 60+ days ago. There are 146 homes for sale in Great Falls. That is 5.0 times the tightest month on record, but below the peak of 334. Supply is steady against last year.

What to do about it

• Judge the listing, not the market.
• Homes listed 60+ days ago with a price cut are where your discount is.
• Fresh, well-priced homes will not move on price. Do not waste offers on them.

Is now a good time to buy in Great Falls?

Asking prices are 4.3% below their Feb 2025 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Great Falls prices have risen in 96 of the last 108 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

Who will rent from you in Great Falls?

In Great Falls, 34 out of every 100 households rent. Most own their home. The renter share is shrinking. Five years ago it was 37 in 100. 7.3% of homes sit empty. That is normal for a healthy market.

The median Great Falls household earns $67,194 a year. Incomes here have grown 5.6% a year since 2019. Home prices have outrun incomes. Locals are being priced out. A typical home costs 6.2 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. A tenant on the median income can pay about $1,680 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast.

What numbers should you underwrite a Great Falls deal with?

• Price growth to assume — +7.8%/yr. 1 year: +1.3% · 5 years: +8.0% · ten years: +7.8%. The five-year and ten-year rates agree. That is a durable trend, not a boom artifact. It is a fair long-run input. Measure growth per square foot, not on the median. The median moves when the mix of listed homes moves. Your house does not. The one-year rate is a timing signal. It is not an underwriting input.
• Months of carrying cost — 2. A typical home takes 46 days to sell. Budget that long when you exit or refinance. It is 14% slower than a year ago.
• Odds you cut your price to sell — 1 in 7. About 14% of homes on the Great Falls market right now have already cut their asking price. Assume you are one of them when you sell. Do not underwrite an exit at your asking price.
• Comp on this, not median price — $202/sqft. The average listing runs +25% above the median. Luxury homes skew it. Comp your own size class per sqft.
• Competition when you exit — +2%. The number of homes for sale barely moved in a year. Today's comps are a fair guide to your exit.
• Price-to-income ratio — 6.2×. A typical home costs 6.2 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. Home prices have outrun incomes. Locals are being priced out.
• Tenant rent ceiling — $1,680/mo. 30% of the median household income of $67,194. Rents above this line shrink your tenant pool fast.

Is Great Falls a buyer's or seller's market in 2026?

Only on the right house. Neither side has the upper hand in Great Falls right now. 0.82 out of every 100 homes for sale have a buyer, 14% of sellers have cut their price, and a typical home takes 46 days to sell.

Are Great Falls home prices going up or down?

Asking prices are 4.3% below their Feb 2025 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What price growth should I assume for Great Falls?

+7.8%/yr. 1 year: +1.3% · 5 years: +8.0% · ten years: +7.8%. The five-year and ten-year rates agree. That is a durable trend, not a boom artifact. It is a fair long-run input. Measure growth per square foot, not on the median. The median moves when the mix of listed homes moves. Your house does not. The one-year rate is a timing signal. It is not an underwriting input.

How fast are homes selling in Great Falls?

A typical Great Falls home takes 46 days to find a buyer. Half of them take even longer. That is 14% slower than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 60+ days ago.

Is Great Falls a renters' market or an owners' market?

In Great Falls, 34 out of every 100 households rent. Most own their home. The renter share is shrinking. Five years ago it was 37 in 100. 7.3% of homes sit empty. That is normal for a healthy market.

What rent can Great Falls tenants afford?

A tenant on the median income can pay about $1,680 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast. The median Great Falls household earns $67,194 a year.